比特币 STH MVRV 比率正在重新测试其 155 天移动平均线

正如链上分析师 Checkmate 在 X 上的一篇新文章中所解释的那样，短期持有者 MVRV 比率突破了 155 天移动平均线 (MA)

On-chain data reveals that the Bitcoin Market Value to Realized Value (MVRV) Ratio of the short-term holders is currently making a retest that could be significant for BTC’s price.

链上数据显示，短期持有者的比特币市场价值与已实现价值（MVRV）比率目前正在重新测试，这可能对比特币的价格产生重大影响。

Bitcoin STH MVRV Ratio Is Retesting Its 155-Day MA Right Now

比特币 STH MVRV 比率正在重新测试其 155 天移动平均线

As explained by on-chain analyst Checkmate in a new post on X, the short-term holder MVRV Ratio breaking above its 155-day moving average (MA) could lead to bullish action for Bitcoin.

正如链上分析师 Checkmate 在 X 上的一篇新文章中所解释的那样，短期持有者 MVRV 比率突破 155 天移动平均线（MA）可能会导致比特币看涨。

Related Reading: Is Altcoin Season Coming? These Two Signals Could Suggest So The MVRV Ratio is a popular indicator that, in short, keeps track of how the value held by the BTC investors as a whole (that is, the market cap) compares against the value that they initially put in (the realized cap). When the value of this metric is greater than 1, it means the average address on the network can be assumed to be holding a net profit right now. On the other hand, it being under the threshold suggests the dominance of loss in the market.

相关阅读：山寨币季节即将到来吗？这两个信号可能表明，MVRV 比率是一个流行的指标，简而言之，它跟踪 BTC 投资者作为一个整体持有的价值（即市值）与他们最初投入的价值的比较（已实现的上限）。当这个指标的值大于1时，意味着网络上的平均地址现在可以假设持有净利润。另一方面，低于阈值表明市场上亏损占主导地位。

In the context of the current topic, the MVRV Ratio of only a specific segment of the sector is of interest: the short-term holders (STHs). The STHs include the investors who bought their coins within the past 155 days. Thus, the MVRV Ratio for this cohort tells us about the profit/loss status of the buyers from the last five months.

在当前主题的背景下，只有该行业特定部分的 MVRV 比率令人感兴趣：短期持有者 (STH)。 STH 包括过去 155 天内购买其代币的投资者。因此，该群体的 MVRV 比率告诉我们过去五个月买家的损益状况。

Now, here is a chart that shows the trend in the Bitcoin STH MVRV Ratio over the last few years, with relevant annotations:

现在，这是一张图表，显示了过去几年比特币 STH MVRV 比率的趋势，并附有相关注释：

The Bitcoin STH MVRV Ratio seems to be on the verge of crossing above its 155-day MA, as highlighted in the above chart. With this, BTC could be on the verge of making a bullish move. According to the analyst, whenever the indicator has crossed above this line in the past, BTC has tended to see some bullish momentum.

如上图所示，比特币 STH MVRV 比率似乎即将突破 155 日均线。如此一来，比特币可能即将出现看涨走势。这位分析师表示，过去每当该指标突破这条线时，比特币就会出现一些看涨势头。

The last time that this type of crossover had occurred in the indicator was back in the first quarter of this year, and what had followed it was the coin’s rally to a new all-time high (ATH). Given the precedence, it’s possible that BTC may once again see a bullish wave, should the STH MVRV Ratio manage to break beyond its 155-day MA.

该指标上次出现这种类型的交叉是在今年第一季度，随后代币上涨至历史新高（ATH）。鉴于此，如果 STH MVRV 比率能够突破 155 日均线，BTC 可能会再次出现看涨浪潮。

“If the bulls get their way, and we set a weekly higher high ~$65.3k, I’d reasonably expect an attempt to the ATH,” notes the analyst. However, he also adds that there could be some profit-taking from these investors once BTC reaches the $66,100 to $70,800 range, as they would be getting into notable profits at those levels.

“如果多头如愿以偿，并且我们设定了每周更高的高点~65,300 美元，我有理由预期会尝试突破 ATH，”分析师指出。不过，他还补充说，一旦 BTC 达到 66,100 美元至 70,800 美元的区间，这些投资者可能会获利了结，因为他们将在这些水平上获得可观的利润。

BTC Price

比特币价格

Bitcoin has seen a jump of around 8% over the past week, which has taken its price to the $63,700 level.

过去一周，比特币上涨了约 8%，价格升至 63,700 美元的水平。